Music industry veteran and budding fashion mogul Jordan Schur has inked a new joint venture record deal with Interscope Records.

The label, called Suretone Records, will focus on rock acts and become the “engine” for rock music at Interscope, part of Universal Music, the world’s largest record company, Schur said.

Universal is putting up several million dollars in seed money, and depending on the amount of hit records produced, the four-year deal could be worth as much as $70 million, according to a source. The pact also includes an option for a fifth year.

In doing the Suretone deal, Schur steps aside as president of Interscope’s Geffen Records, a post he has held since 1999. Before that, Schur founded Flip Records, where he signed such blockbuster acts as Limp Bizkit and Staind.

“Ownership is my comfortable territory,” Schur said, explaining why he gave up his executive post. “I’ve never been this excited about my career in music.”

Jimmy Iovine, the head of Interscope, said, “Jordan has been part of our family for the last six years and has been responsible for extraordinary successes. I’m thrilled that he has decided to stay at Interscope to pursue his dreams.”

Among the artists that Schur has worked closely with at Geffen are Snoop Dogg, Ashlee Simpson, Counting Crows and Mary J. Blige.

While at Suretone he’ll still oversee such acts as Weezer, The Cure and New Found Glory, although these bands will remain on the Geffen label. Suretone will sign three to four new acts a year, and in June will put out an album by the new rock band The Pink Spiders.

Schur has wide-ranging business interests beyond music. Earlier this year he invested in the men’s sportswear label Lotto North America, and he also created the fashion house Michon Schur with his wife, the designer Stephanie Schur. He is also a partner in Jordan Realty, which owns about 20 buildings in Manhattan, and in Cityside Archives, a New York-based document-retention company.